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FinTech Global: Adapting to the cloud – How UC platforms are transforming workplace collaboration

By January 11, 2024No Comments
Adapting to the cloud How UC platforms are transforming workplace collaboration


Over the last five years, the landscape of workplace communication has drastically evolved. Organizations are increasingly leveraging cloud-based unified communications (UC) platforms, ushering in a new era of collaboration. These platforms have significantly diminished the reliance on corporate-based email, facilitating a more dynamic interaction through various channels like chat, video, voice, and more.

In a recent whitepaper by Theta Lake, the company outlined how firms can meet communication compliance requirements without sacrificing employee experience.

The adoption of cloud solutions has seen an exponential rise, while traditional platforms are on the decline. According to ZK Research’s 2022 Global UC Forecast, the cloud UC market is expected to grow at a compound annual growth rate (CAGR) of 16.7%, reaching $19.2bn by 2027. Conversely, on-premises platforms are anticipated to decline at a CAGR of -6.53% during the same period. Fortune Business Insights aligns with this projection, citing significant growth in the global team collaboration software market.

The shift to real-time, multimodal collaboration means that text is just one component of a complex communication flow that now includes visual elements like photos and infographics. This transition has been further accelerated by the increasing reliance on mobile phones as primary communication tools. Mordor Intelligence projects a 13.8% CAGR in the mobile collaboration market from 2021 to 2026.

However, this transformation presents significant compliance and security challenges, particularly in regulated industries such as finance and healthcare. With employees using collaboration tools to share sensitive information, compliance officers face the daunting task of ensuring adherence to policies and regulations in a dispersed and diverse digital environment.


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